Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Arch Labs has obtained a $7 million investment to create a Bitcoin-native application platform.
The seed funding round was spearheaded by Multicoin Capital, with additional involvement from Portal Ventures, OKX Ventures, Big Brain Holdings, CMS Holdings, Tangent, Cypher, and Newman Capital.
Arch is pleased to be innovating within the Bitcoin ecosystem, collaborating with some of the leading funds and strategic partners in the industry.
In announcing the completion of our seed round led by @multicoincap, here’s what they had to say about us:
“Arch Network’s emergence is a direct… pic.twitter.com/jT6Qy6a45y
— Arch Network (@ArchNtwrk) May 9, 2024
Bridgeless Bitcoin-Native Network
The company intends to use this funding to further Arch’s development of decentralized finance (DeFi) applications directly on the Bitcoin blockchain, eliminating the necessity for secondary layers or bridges.
The dependence on secondary layers frequently complicates the user experience and undermines the inherent security advantages of operating directly on the Bitcoin network.
“Ordinals marked a foundational shift in Bitcoin’s evolution. It signaled the beginning of a new era where Bitcoin could serve as more than just a payment ledger,” remarked Arch co-founder and CEO Matt Mudano.
“This moment paved the way for Arch,” Mudano stated. “We’re leveraging Bitcoin’s unparalleled security and liquidity to unlock an entirely new application ecosystem on the world’s most secure and liquid blockchain.”
Related Posts
The funds were primarily raised to enhance the platform’s development team. By onboarding additional skilled developers, Arch Labs aims to expedite the creation and enhancement of decentralized applications.
Arch’s Features and Rollout Plan
Arch is a parallelized, proof-of-stake network that incorporates a Rust-based zkVM, referred to as the ArchVM, and a decentralized verifier network, establishing a trustless execution environment within the blockchain.
“We’ve assessed various Bitcoin Layer 2 solutions, and all of them involve the same set of trade-offs that compromise security for speed,” stated Multicoin Capital Investment Principal Vishal Kankani.
“Arch is explicitly not a Layer 2 in the sense that users do not need to bridge assets to an untrusted chain to utilize it,” Kankani added.
Alongside expanding its team, Arch Labs is preparing to launch a public development network (devnet), followed by a mainnet release anticipated for the latter part of the year.
This progression will allow early testers and future users to investigate the platform’s capabilities, enhancing stability and functionality prior to a comprehensive public rollout.
The post Arch Labs $7 Million to Develop Bitcoin-Native Application Platform appeared first on Cryptonews.
